In this article, let's discuss why risk management standards exist and which Project Management Institute (PMI) standard you should study in preparation for the PMI Risk Management Professional (PMI-RMP®) exam.
The Purpose of the PMI Standard for Risk Management
The "standard describes the concepts and definitions associated with risk management and highlights the essential components of risk management for integration into the various governance layers of portfolios, programs, and projects." –The Standard for Risk Management in Portfolios, Programs, and Projects (2019)
Other than the PMI Standard for Risk Management, you should also be aware of the ISO (International Organization for Standardization) 31000 Standard.
The New PMI-RMP® Exam
PMI released the new PMI-RMP® Exam on April 1, 2022. The exam pilot occurred in December, 2021.
"To my knowledge, the PMI-RMP® Exam Prep Course is one of the few and potentially the only course that addresses the new RMP course content, as well as PMBOK 7. The course and the material were presented in a meaningful, thoughtful manner, which prepared me for the PMI-RMP exam. The content was easy to digest, and the practice exams were quite thorough. Harry was always available to answer any questions that may have come up during the course and while taking the practice exams. I highly recommend this course for anyone pursuing their RMP or having a general interest in Risk Management!"
Which PMI Risk Standard Should You Study?
There are two PMI risk management standards:
- The Practice Standard for Project Risk Management (2009)
- The Standard for Risk in Portfolios, Programs, and Projects (2019)
Project managers ask, "Which one should I use to prepare for the PMI-RMP exam?" You should use the Standard for Risk in Portfolios, Programs, and Projects (2019). Download a free PDF copy if you are a PMI Member.
- Identifies the core principles for risk management
- Describes fundamentals of risk management
- Defines the risk management life cycle
- Helps project managers to apply risk management principles to the portfolio, program, and project domains
Which PMBOK® Guide Should You Use?
Another important reference listed in the new PMI-RMP® Exam Content Outline (ECO) is the PMBOK® Guide, Seventh Edition.
Although the Sixth Edition is not included in the ECO Reference Materials, I recommend that you read and study Chapter 11 – Project Risk Management.